As Social Security recipients enjoy the biggest cost-of-living adjustment (COLA) in more than 40 years during 2023, they should temper their expectations for what might be coming in 2024. This year’s 8.7 percent hike added about $146 to the average monthly benefit. Because the inflation rate is beginning to slow down, current data reflects a possible trend for a smaller COLA.
Yahoo Finance reports financial analysts believe the 2024 COLA increase will fall below 3 percent. But could it possibly go even lower than that?
The answer is yes. Sadly, it might even wind up falling closer to 2 percent. That would be the smallest COLA since 2020.
In 2022, the COLA paid was 5.9 percent. The Social Security Administration determines the COLA for the coming year in October by comparing the third quarter percent increase in the CPI-W for the current year over the previous year.
You Deserve Stronger Benefits
In addition to fair COLAs, you deserve the money that was promised to you. Over the years, the amount of $581 was withheld from seniors’ checks. Here at Council of Seniors, we’re dedicated to getting Congress to pass The SAVE Benefits Act. The passage of this bill will ensure that this hard-earned money is returned to deserving seniors.
Please sign our petition without delay. Your help can make a big difference in returning this money to seniors.
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